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Financial District MN01

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Last updated: 05/21/2024

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In 2022, Financial District was the city’s 27th largest neighborhood by population out of 59 neighborhoods. It has the 56th largest proportion of nonwhite population, the highest median income, and the most expensive rents of the city’s 59 neighborhoods. From 2010 to 2020, the neighborhood added 3,559 new housing units, 3,196 units of which were market rate and 363 units of which were income restricted.

DEMOGRAPHICS

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Demographics


In 2022, there were an estimated 149,102 people in Financial District, of which 16.1% identified as Asian, 3.7% identified as Black, 9.2% identified as Hispanic, and 65.8% identified as White.

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In 2022, the household income group with the largest share (36.1%) of households was > $250,000. In 2000, the household income group with the largest share (34.6%) of households was $100,001 - $250,000.

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Median household income in 2022 was $165,380, about 113% more than citywide median household income ($77,550). The poverty rate in Financial District was 8.5% in 2022 compared to 18.3% citywide.

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Renters and Rental Conditions

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Renters and Rental Conditions


Real median gross rent in Financial District increased from $2,560 in 2006 to $3,500 in 2022. This represents a 36.7% increase over the same period. The overall rental vacancy rate in Financial District was 4.9% in 2022.

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The rent distribution shows the share of apartments by their size (according to the number of bedrooms), and then for each apartment size in the community district, the share of apartments according to their monthly gross rent. This distribution compares 5-year ACS figures from 2010 to 5-year ACS figures from 2022.

Between 2018-2022, the largest share of studios had gross rents between $3,000 - $4,000 (35%), the largest share of one-bedrooms had rents between > $4,000 (38%), the largest share of two-bedrooms had rents between > $4,000 (52%), the largest share of three bedrooms had rents between > $4,000 (44%). (If you are viewing this page on a desktop, you can use the drop down menu below to switch between different apartment sizes)

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As of 2022, the change in median gross rent outpaced the change in median household income by 13 percentage points. In 2022, 18.1% of renter households in Financial District were severely rent burdened (spent more than 50% of household income on rent). 12.9% of the rental units were affordable at 80% Area Median Income, 2 percentage points higher than the share in 2010.

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HOUSING

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Housing Market


In 2022, the homeownership rate in Financial District was 27.4%, which is lower than the citywide share of 32.7%. The homeownership rate in the neighborhood has increased by 2.1 percentage points since 2010. In 2022, the home purchase loan rate was 29.3 per 1,000 properties (owner-occupied 1-4 family buildings, condominiums, or cooperative apartments) and the refinance loan rate was 13.5 per 1,000 properties in the neighborhood. Out of all the first-time home purchase loans and refinance loans in Financial District, 1.1% and 0.2% were high cost loans, respectively. 21 properties had a filing of mortgage foreclosure in Financial District in 2022. There were 1.4 mortgage foreclosure actions initiated per 1,000 1-4 family properties and condominium units.

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Among all residential properties, prices of residential properties have increased 24% in Financial District since 2009. (If you are viewing this page on a desktop, you can use the drop down menu below to switch to a different index year for longer term trends.)

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DEVELOPMENT

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Development


Over the last decade, 3,559 units in 4+ unit buildings were built in Financial District. 90% were market rate, compared to 10% that were income-targeted. We use data from a variety of sources to count the number of income-restricted units targeted to households earning between 80% and 165% of AMI. However, due to restricted availability of granular data our calculations of income-restricted units should be read as conservative estimates. Read more about our methodology in the technical appendix of the 2021 Focus Report.

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The Department of Buildings issued new building permits to 2 residential units in new buildings in Financial District in 2023, 890 fewer than the number of units authorized in 2022.

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The Department of Buildings issued new certificates of occupancy to 97 residential units in new buildings in Financial District in 2023, 93 more than the number of units certified in 2022.

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SUBSIDIZED HOUSING

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Subsidized Housing


None of the rental units were public housing rental units, as of 2023.

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Financial District has 31 properties with subsidized units as of 2023 through programs like HUD assistance, Low Income Housing Tax Credits, 421a, and others. 5 properties have subsidies due to expire between 2024 and 2029, 4 properties have subsidies due to expire between 2030 and 2039, and 3 properties have subsidies expiring after 2039. For more comprehensive subsidized housing information in New York City, please visit Furman Center's CoreData.nyc.

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NEIGHBORHOOD SERVICES AND CONDITIONS

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Neighborhood Services and Conditions


The serious crime rate, including property and violent crime types, was 17.3 serious crimes per 1,000 residents in 2023, compared to 14.2 serious crimes per 1,000 residents citywide.

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Data Notes: Community districts MN01 and MN02 both fall within sub-borough area 101. Data reported at the sub-borough level are identical. See CoreData User Guide for more information about indicator definitions and methods.

Indicators: The rental vacancy rate, severe crowding rate, and the severely rent-burdened households indicators use five-year American Community Survey (ACS) estimates. Data under the 2010 heading comes from the 2006 – 2010 ACS, data under the 2019 heading comes from the 2015 – 2019 ACS and data under the 2022 heading comes from 2018 – 2022 ACS.